What are the Benefits of Masterminds? with Natalie Eckdahl #19

Have you ever wondered if a mastermind would be a good idea for you and your business? Perhaps you’re already in one, but it isn’t providing you with all the benefits that you were expecting? On this episode of My Biz Bestie, Natalie Eckdahl from the Biz Chix podcast is here to discuss masterminds. Natalie is the mastermind queen and has the scoop on everything you have been wondering about masterminds. If you have masterminds on the mind you will want to listen to this episode of My Biz Bestie as Natalie, Maelisa, and Amber discuss all things mastermind.

What is a mastermind and who needs one?

Napoleon Hill coined the term mastermind many years ago in his book Think and Grow Rich. His definition of the mastermind principle is that it consists of an alliance of two or more minds working in perfect harmony for the attainment of a common definitive objective. So basically, this means that there is a group of people working toward a common goal. If you are looking for a way to generate new and fresh ideas in your business, a mastermind group is a fantastic way to make it happen. Listen to Natalie Eckdahl on this episode of My Biz Bestie as she details what a mastermind is and why every successful entrepreneur needs one.

TWEET THIS: What are the benefits of #masterminds? Listen to episode 19 of #MyBizBestie with Natalie Eckdahl from @BizChixPodcast to hear all about masterminds

What are the benefits of paying vs. not paying for a mastermind?

Commitment. The difference between a paid mastermind and a free one is all about commitment. People tend to value something more when they have paid for it. The more money you put toward something the more seriously you will take it. A peer-led mastermind structure tends to be looser, sometimes people don’t show up to meetings or they often show up late. If you are thinking of putting together your own peer-led mastermind try assigning defined roles to people and put together a commitment agreement for everyone to sign. If you are ready to pay for a mastermind there are many opportunities out there. Natalie has great advice for both developing a peer-led mastermind or searching for a paid group. Listen to this episode of My Biz Bestie to help you evaluate which type of mastermind would best suit you.

What is the difference between group coaching and a mastermind?

Many people confuse group coaching for a mastermind. There is a big difference between the two. The exchange of ideas with diverse people can lead to unparalleled growth in a mastermind. Masterminds draw on the wisdom and network of the group to raise the mindset levels and bring on progress. Group coaching is a very helpful tool for people that are just starting out, but if you are an entrepreneur that is looking to expand an already successful business, a mastermind can facilitate that. Listen to Natalie Eckdahl clarify the confusing difference between group coaching and mastermind groups on this episode of My Biz Bestie.

Who are the 5 types of people you should avoid in your mastermind

There are certain types of people that can really inhibit the growth of a mastermind. Natalie Eckdahl has facilitated enough masterminds to understand how these people can limit the progress of the group. She explains that the narcissist manipulates the group to make everything all about them. The know-it-all makes it impossible to learn new things. People need to be open to learning and trying new things when participating in a mastermind. She refers to someone who lacks the confidence to take the floor or add to the conversation as the mouse. The mouse ends up contributing nothing to the group because they lack the ability to add their ideas. Listen to this episode of My Biz Bestie to hear the rest of the types of people that you want to avoid having in your mastermind.

In this episode...

  • [6:36] What is a mastermind?
  • [14:08] Why does Natalie like to put together people from diverse groups?
  • [16:15] When is it important to have an industry-specific mastermind?
  • [20:22] What is the difference between group coaching and a mastermind?
  • [24:18] What are the benefits of paying vs. not paying for a mastermind?
  • [35:33] 5 people you should avoid in your mastermind or on your team
  • [39:38] Natalie’s final tips

Resources & People Mentioned

Connect with Natalie Eckdahl

Connect With Maelisa and Amber

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Note: Amazon affiliate links included for books mentioned above.